What is a good livable wage in Memphis (renting, house)

[Dr Who]

For a single person. And can still live in a decent area

Took a trip out to the east and west coasts and poeple are paying a pretty penny to live in a box. Roomates living together in Studios so they dont struggle to bad.

I dont see how the miniman wage earners in some areas even make it in the DC metro and LA area. Heck, I dont see how they can make it in Memphis

[rsgillmd]

Originally Posted by Dr Who

For a single person. And can still live in a decent area

Took a trip out to the east and west coasts and poeple are paying a pretty penny to live in a box. Roomates living together in Studios so they dont struggle to bad.

I dont see how the miniman wage earners in some areas even make it in the DC metro and LA area. Heck, I dont see how they can make it in Memphis

Depends on what your monthly expenses are -- required vs luxuries/wants (rent vs cell phone bill, etc.).

You are going to share your costs with a roommate, or that comment was just about California?

Either way, not relying on a roommate to defray costs, I would say your expenses might be on the order of approx. $1500/month. This is making some big assumptions.

A job that pays you $40K per year before taxes, and assuming a 25% federal tax rate giving you $30K per year after taxes, and therefore around $2500 per month should allow you to be more than comfortable. I was able to live comfortably on that in NJ and still put away a little each month. $40K per year would also put you around the median income in Memphis, at least according to an article I skimmed last month in The Commercial Appeal. The poverty level was approx. $22K for a family of four.

Hopefully others can chime in to either back me up or disagree with me.

[Tigertate]

Originally Posted by rsgillmd

Depends on what your monthly expenses are -- required vs luxuries/wants (rent vs cell phone bill, etc.).

You are going to share your costs with a roommate, or that comment was just about California?

Either way, not relying on a roommate to defray costs, I would say your expenses might be on the order of approx. $1500/month. This is making some big assumptions.

A job that pays you $40K per year before taxes, and assuming a 25% federal tax rate giving you $30K per year after taxes, and therefore around $2500 per month should allow you to be more than comfortable. I was able to live comfortably on that in NJ and still put away a little each month. $40K per year would also put you around the median income in Memphis, at least according to an article I skimmed last month in The Commercial Appeal. The poverty level was approx. $22K for a family of four.

Hopefully others can chime in to either back me up or disagree with me.

Yep,

40K to 50K for a single person in Memphis is a descent salary. You would be able to live in a pretty nice area (maybe not owning a home, but renting comfortably), have a descent car, and stay ahead of your bills (assuming you don't have crazy debt or super expensive taste).

[spelmanchic]

I have to agree 40K is comfortable living in Memphis for a single person

[usmcmotort]

When I first moved to Memphis in 09 I was making $47K with a family of four and we lived pretty good in a nice house and 2 new cars. My wife didnt work but I guess having a good amount of savings and just being conservative with money stretched it much further.

[glass_of_merlot]

Originally Posted by Dr Who

For a single person. And can still live in a decent area

Took a trip out to the east and west coasts and poeple are paying a pretty penny to live in a box. Roomates living together in Studios so they dont struggle to bad.

I dont see how the miniman wage earners in some areas even make it in the DC metro and LA area. Heck, I dont see how they can make it in Memphis

20 k lol.

[009811]

Originally Posted by rsgillmd

Depends on what your monthly expenses are -- required vs luxuries/wants (rent vs cell phone bill, etc.).

You are going to share your costs with a roommate, or that comment was just about California?

Either way, not relying on a roommate to defray costs, I would say your expenses might be on the order of approx. $1500/month. This is making some big assumptions.

A job that pays you $40K per year before taxes, and assuming a 25% federal tax rate giving you $30K per year after taxes, and therefore around $2500 per month should allow you to be more than comfortable. I was able to live comfortably on that in NJ and still put away a little each month. $40K per year would also put you around the median income in Memphis, at least according to an article I skimmed last month in The Commercial Appeal. The poverty level was approx. $22K for a family of four.

Hopefully others can chime in to either back me up or disagree with me.

Yeah, I agree with your idea. The 40K is a little bit tough if you want a house in NJ, however, 40K is accpetable in Memphis. It is also affordable to take a house in Memphis.

[nichirenx]

Originally Posted by rsgillmd

Depends on what your monthly expenses are -- required vs luxuries/wants (rent vs cell phone bill, etc.).

You are going to share your costs with a roommate, or that comment was just about California?

Either way, not relying on a roommate to defray costs, I would say your expenses might be on the order of approx. $1500/month. This is making some big assumptions.

A job that pays you $40K per year before taxes, and assuming a 25% federal tax rate giving you $30K per year after taxes, and therefore around $2500 per month should allow you to be more than comfortable. I was able to live comfortably on that in NJ and still put away a little each month. $40K per year would also put you around the median income in Memphis, at least according to an article I skimmed last month in The Commercial Appeal. The poverty level was approx. $22K for a family of four.

Hopefully others can chime in to either back me up or disagree with me.

The bold is what I was going to suggest when I first saw the thread title.
It will give you the freedom to live in a decent community and afford plenty of nice extras.